NYDFS tightens oversight: fines for weak cyber risk assessments
- —NYDFS requires identifying single points of failure and concentration risks in cloud and software
- —The guidance covers banks, insurers, payment and crypto companies
- —In August, Order Express was fined $250,000 for a weak cyber risk assessment
- —Threats from AI, quantum computing and supply chain attacks must be taken into account
Why it matters: Crypto companies with a NYDFS license must strengthen their cyber risk assessments or face fines, raising costs and infrastructure requirements.
Source: Digital Today